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41 Cards in this Set

  • Front
  • Back
Accounts payable
Expenses that have been incurred but not yet paid
Accounts receivable
Sales that have been made but not collected
Assets
Items of value owned by the business
Balance sheet
A financial statement that shows what a business owns, what it owes, and how much it is worth at a particular point in time
Break-even point
The point at which the money from product sales equals the costs of making and distributing the product
Cash flow statement
A financial statement that shows the flow of money in and out of the business
Copyright
Legal right to exclusive publication, production, sale, or distribution of a literary or artistic work
Cost of goods sold
The dollar amount a company pays to purchase a product for resale
Current assets
Cash or items of monetary value that can easily be converted to cash and that are used up by a business within one year
Current liabilities
Financial obligations that will be repaid within one year.
Current ratio
The comparison of current assets with current liabilities
Economic outlook
Trends associated with the economy that can impact your business's sales
Expenses
All costs associated with running a business except for the cost of goods sold
Fixed assets
Items of monetary value that are not easily converted into cash
Fixed expenses
Business expenses that do not change month-to-month, but rather remain the same for a period of time
Goodwill
Customers' approval and support of a business
Gross profit on sales
Net sales minus the cost of goods sold
Gross sales
The dollar amount of all sales, usually within a one-year period
Income statement
A financial statement that shows the income, expenses, and profit/loss for the business over a period of time, usually a year
Income taxes payable
Monies due to the government
Intangible assets
Items of value that the business owns that cannot be seen or touched
Inventory
The quantities of goods and materials on hand
Liabilities
The debts owed by the business
Long-term liabilities
Financial obligations that will take the business more than one year to repay
Market share
The percentage of a product/service that is sold in the total market for that product/service
Mortgage
A loan for purchasing a building and or land
Net income
The amount of money left after all costs and expenses have been deducted
Net sales
Gross sales minus returned goods
Net worth
The monetary value of the business; assets minus liabilities
Notes payable
Amounts owed for small loans
Patent
A legal document that gives an inventor the sole right to produce, use, and sell an invention
Product positioning
Placing a product in a certain market to get a desired customer response
Repayment plan
A schedule or statement showing how and when the debt of a business is to be repaid
Salaries payable
Wages owed to employees
Sales forecast
An estimate of sales for a specified period
Sales quota
A goal assigned to a sales person for a specified period
Sales ratio
An expression of any component of the income statement as a percentage of total sales
Supplies
Assets that are used up in business operations
Taxes
Federal, state, and local assessments that are owed to the government
Trademark
A name, symbol, or special mark that, when registered, can be used only by a certain business
Variable expenses
Business expenses that may change from month to month